Bitcoin is Crashing

Rajandran RJanuary 5, 2017

Bitcoin – cryptocurrency is down 1139.89 USD down to intraday low of 885.41 and currently trading around 946 level and still trading below 5 days low. On 23rd december Bitcoin Marketcap surged to 14 billion dollars

From the end of September through Wednesday – just before the plunge – bitcoin gained nearly 100%. It was supported by renewed interest from China, where money rushed out of the country as its currency, the yuan, continued to weaken.

But on Thursday, the yuan witnessed its biggest two-day rise since record keeping began in 2010. This happened amid the government’s efforts to stop outflows from the country, and after overnight borrowing costs in Hong Kong surged to a new record as high as 100%. That squeezed investors who had bet that the currency would fall.